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This week starts off with the worst crypto crash since 2022…

Let’s digest:  

1. Crypto Endures $313B Plunge

2. Morgan Stanley Opens Bitcoin ETFs to High Net Worth Clients

3. Telegram Debuts Web3 Browser

📰 TODAY’S TOP STORY

Crypto Endures $313B Plunge

The crypto market has experienced its most severe three-day downturn in a year, with a staggering $313 billion erased from its value since August 2.

This massive sell-off coincides with a downturn in the equities market, which saw the S&P 500 drop by 4.4% amid similar concerns.

• Triggering the crypto market's sharp decline were weak job figures and a slower growth trajectory among major tech corporations, sparking renewed fears of a looming recession.

• Tech giants like Microsoft and Intel reported earnings that fell short of expectations for the second quarter

• NVIDIA suffered from diminished investor confidence due to anticipated rate cuts in September.

• Among the top cryptocurrencies, Solana witnessed the steepest fall, plummeting 25.7% from $184 to $137 since July 30.

Similarly, Bitcoin and Ethereum weren't spared, with declines of 14% and 17% respectively.

Contributing to the market's volatility, trading firm Jump Crypto has reportedly liquidated hundreds of millions in assets, exacerbating the sell-off, as per data from Arkham Intelligence.

Currently, the Crypto Fear and Greed Index, which measures investor sentiment, has dipped into the "fear" category, reflecting a score of 26, signaling widespread apprehension among traders.

As the market braces for potentially more turbulence, analysts point to the need for a significant rebound in both spot and derivatives trading by traditional financial institutions to stabilize prices.

"Bitcoin has entered the CME Gap, but technically, it can only be filled during traditional finance trading hours," noted Keith Alan of Material Indicators, underscoring the critical period ahead for the crypto market.

🖼️ NFTs

MorganStanley Opens BTC ETF Access to High Net Worth Clients

Morgan Stanley is set to broaden its financial offerings by introducing Bitcoin exchange-traded funds (ETFs) to its affluent clients starting this Wednesday.

This strategic move follows the growing demand among investors to integrate cryptocurrency into their diversified portfolios.

• Clients eligible to invest in these ETFs must have a minimum net worth of $1.5 million.

• This initiative taps into the wealth management sector, providing access to BlackRock's IBIT and Fidelity's FBTC bitcoin ETFs.

• The firm, which manages over $1.5 trillion in assets, already holds significant investments in cryptocurrency, with $269.9 million invested in Grayscale’s Bitcoin Trust as of the end of the first quarter.

This decision comes after careful consideration and a thorough compliance and review process, a standard procedure for large financial institutions like Morgan Stanley when introducing new investment vehicles.

The introduction of Bitcoin ETFs by Morgan Stanley is aimed at meeting the sophisticated needs of its high-net-worth clients, reflecting a growing acceptance of crypto as a legitimate asset class.

🟠 Crypto

Telegram Debuts Mini App Store and Web3 Browser

Telegram is taking significant strides in the Web3 arena with the launch of its in-app browser and a consolidated mini-app store, announced by CEO Pavel Durov.

This development allows Telegram's massive user base of 950 million to explore decentralized websites via the new browser and streamline their interaction with various mini-apps.

• Released on July 31, the new browser facilitates access to TON Sites, enabling users to set up and navigate decentralized websites hosted on the Open Network blockchain.

• Initially accessible through TON Proxies, these sites can now be reached directly through Telegram, integrating web browsing seamlessly with messaging.

In parallel, Telegram’s mini-app store, which officially went live recently, centralizes numerous mini-apps within the Telegram ecosystem.

• Available via the app’s search function, this feature is tailored to enhance user interaction, with over 500 million of Telegram’s active users engaging with mini-apps monthly.

• The introduction of “Stars,” an in-app token launched on June 7, complements this ecosystem by enabling payments within mini-apps.

• These tokens can be exchanged for Toncoin, the native token of the TON network, adding a layer of utility and incentivization within Telegram’s expanding Web3 framework.

Popular mini-apps like Notcoin and Hamster Kombat have already demonstrated significant user engagement, highlighting the growth and adoption of Telegram's latest Web3 innovations.

Non-fungible News

• Gaming: How a Crypto Game Gained 300M Users

• NFTs: NFT Market Declines 12% This Week

• Crypto: Bitcoin ETF Trading Volume Tops $1B

💡 INSIGHT

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